🕐04.03.10 - 07:36 Uhr

Hannans Forrestania Project Update



ASX Announcement 25 February 2010 Forrestania Project Update - ASX Announcement 4 March 2010 Forrestania Project Update - Ten new electromagnetic anomalies identified at Forrestania - At the Stormbreaker Prospect four new priority EM anomalies have been identified from a review of historical ground EM surveys and two high priority targets from the final VTEM interpretation (six in total) - At both the Skeleton Rocks Prospect and the Lucy Rocks Prospect two new EM anomalies were identified from the final VTEM data interpretation (four in total) - These ten "Phase Two" EM Targets will be refined with additional ground surveys as soon as possible - RC drill testing of the thirteen "Phase One" EM Targets is scheduled to commence in March 2010 Western Australian minerals explorer Hannans Reward Ltd (ASX:HNR) advises important progress continues to be made at its Forrestania Nickel Project located within the world-class Forrestania Nickel Belt (refer attached figure). Specifically, following a review of both the historical ground electromagnetic (EM) datasets within the Stormbreaker Prospect and the final helicopter borne VTEM data by consulting geophysicist Mr.

Ben Jones (Southern Geoscience Consultants) a significant number of new EM targets have been generated. Additional ground based geophysical surveys will now be scheduled as soon as possible to confirm and delineate the EM anomalies prior to drill testing. At the Stormbreaker Prospect four new priority EM anomalies have been identified from the historical review and two high priority targets from the final VTEM interpretation (six in total). At both the Skeleton Rocks Prospect and the Lucy Rocks Prospect two new EM anomalies were identified from the final VTEM data interpretation (four in total).

These ten new EM targets will hereafter be referred to as the "Phase Two EM Targets". The original thirteen "Phase One EM Targets", announced to ASX on 8 December 2010,are scheduled to be tested with reverse circulation during March 2010 (the Company is currently waiting to obtain Government drilling approvals) -- approximately 20 holes for 5,000m. Ben Jones, consulting geophysicist from Southern Geoscience said, "Although several mining companies have covered some parts of Hannans' project area with various phases of ground based EM surveys over time, the potential of the project area to contain nickel sulphide mineralisation is considered far from exhausted". Importantly Hannans is the first nickel focussed company in modern times to control the majority of the interpreted northern extension of the western ultramafic that hosts the high grade Flying Fox nickel sulphide mine 7 km to the south.

The importance of being in a position to implement systematic nickel exploration activities across the prospective stratigraphy cannot be overstated. Hannans remains well funded to complete multiple phases of exploration at Forrestania during the course of the year with cash reserves of $5 million and an investment in Atlas Iron Ltd valued at approximately $17 million. Hannans shareholders have excellent upside exposure to exploration success at Forrestania and limited downside risk at current levels. Click here to access the full ASX announcement: http://esp.gewru.com/download/files/12414/1101449/Forrestania%20Project%20Update%20March%202010.pdf For further information please contact: Shareholder Contact: Damian Hicks Managing Director Telephone: (08) 9324 3388 Fax: (08) 9324 3366 Email: Media Contact: Karen Oswald Professional Public Relations Telephone: 08 9388 0944 Email: Hannans Reward Limited Summary Hannans Reward Ltd has developed a suite of prospective exploration projects within Australia covering nickel, gold and manganese.

Hannans has joint ventures with Vale (www.vale.com), Kagara Ltd (www.kagara.com.au), St Barbara Ltd (www.stbarbara.com.au) and Triton Gold Ltd (www.tritongold.com.au).

Hannans is the second largest shareholder in Warwick Resources Ltd (www.warwickresources.com.au) and holds equity in Atlas Iron Ltd (www.atlasiron.com.au).

Hannans' shareholders are exposed to share price appreciation through exploration success at the following projects: Forrestania -- nickel & gold project 7km north of Western Area's Flying Fox nickel mine Lake Johnston -- nickel & gold project located 25km south east of Norilsk's Maggie Hays nickel mine Jigalong -- manganese & base metals project located 150km east of Newman, WA Queen Victoria Rocks - joint venture with Companhia Vale do Rio Doce (Vale),30km south-west of Coolgardie, WA Sunday -- gold joint venture with Triton Gold Ltd, 10kms east of Leonora, WA
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